● Nifty index managed to hold 11820 zones and gradually extended its gains towards 11917 levels. It formed a Hammer Candle on daily scale as buying interest was seen at lower levels and supports are slightly shifting higher which indicates Bulls are back on track to ride the next move
● Now it has to continue to hold above 11850 zones to witness an up move towards 12000 then 12040 zones while supports are shifting higher at 11820 then 11777 zones
● Max Put OI is at 11500 then 11000 strike while Max Call OI is at 12000 then 12500 strike. We have seen fresh Put writing at 11850 then 11700 zones while marginal Call writing is seen at 12000 strike. Option data suggests a wider trading range in between 11650 to 12250 zones
● India VIX fell down by 2.37% at 14.25 levels. Decline in VIX provides short term stability in the market